Cryptologic takes Online Poker to China Market

Canadian-based internet gambling software provider CryptoLogic Inc. announced a three-way joint venture with Brilliance Software group and 568 Network Inc., "to penetrate the high-growth, high-potential Chinese market."

The memorandum of understanding (MoU) was announced Friday with the Beijing-based Brilliance software group and Canadian game designer 568 Network Inc, who already has a Shanghai subsidiary creating games for the Chinese market.

The MoU outlines that a new Chinese company will be formed to adapt CryptoLogic's online poker and casino offerings and develop new games targeted for the China, Macau, Taiwan and Hong Kong markets.

Financial details of the deal were not disclosed, except that Cryptologic's investment will be a minority at first, with an option to later raise its investment to a controlling position. It also has the right to appoint all board members to the new company.

Brilliance Technology Co. is tasked to deliver games in two modes: play-for-fun by subscription for Internet cafes and mobile devices, and play-for-money sites. It will hold an exclusive licensing agreement for the new firm's online gaming software and service offering, and apply for required gaming licenses.

"This is the first major step in executing one of our cornerstone strategies: to expand in Asia, a key growth market for CryptoLogic," stated Lewis Rose, president and CEO of CryptoLogic.

"The agreement brings to CryptoLogic substantial game development and IT skills uniquely suited to the Asian gaming market, and provides well-placed resources in China to guarantee that our first steps are successful ones," Rose said.

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